Matrix Service Co
NASDAQ:MTRX
Matrix Service Co
Matrix Service Co. engages in the provision of engineering, fabrication, infrastructure, construction, and maintenance services. The company is headquartered in Tulsa, Oklahoma and currently employs 2,717 full-time employees. The firm operates through three segments: Utility and Power Infrastructure, Process and Industrial Facilities, and Storage and Terminal Solutions. Its Utility and Power Infrastructure segment consists of power delivery services provided to investor-owned utilities, including construction of new substations, upgrades of existing substations, transmission and distribution line installations, upgrades and maintenance, as well as emergency and storm restoration services. Process and Industrial Facilities segment primarily serves customers in the downstream and midstream petroleum industries who are engaged in refining crude oil and processing, fractionating, and marketing of natural gas and natural gas liquids. Storage and Terminal Solutions segment consists of work related to aboveground storage tanks and terminals.
Matrix Service Co. engages in the provision of engineering, fabrication, infrastructure, construction, and maintenance services. The company is headquartered in Tulsa, Oklahoma and currently employs 2,717 full-time employees. The firm operates through three segments: Utility and Power Infrastructure, Process and Industrial Facilities, and Storage and Terminal Solutions. Its Utility and Power Infrastructure segment consists of power delivery services provided to investor-owned utilities, including construction of new substations, upgrades of existing substations, transmission and distribution line installations, upgrades and maintenance, as well as emergency and storm restoration services. Process and Industrial Facilities segment primarily serves customers in the downstream and midstream petroleum industries who are engaged in refining crude oil and processing, fractionating, and marketing of natural gas and natural gas liquids. Storage and Terminal Solutions segment consists of work related to aboveground storage tanks and terminals.
Revenue Growth: Matrix Service Company delivered 12% year-over-year revenue growth in Q2, supported by all three operating segments.
Profitability Path: Despite a one-time $3.6 million charge, management reaffirmed expectations to return to profitability in the second half of the year and reiterated full-year revenue guidance.
Backlog & Pipeline: Backlog stands at $1.1 billion, and the opportunity pipeline expanded to $7.3 billion, with growth in LNG, NGL, mining, and electrical infrastructure.
Margin Dynamics: Gross margin improved to 6.2% from 5.8% YoY, though impacted by the specialty tank project charge; margins are expected to strengthen in the remainder of the year.
Strategic Transition: Leadership succession announced: Sean Payne will become CEO on June 30, 2026, as John Hewitt steps down.
Balance Sheet Strength: Cash increased to $224 million, with no debt, providing flexibility for growth and potential buybacks or M&A.
Market Environment: Management highlighted a generational infrastructure investment cycle, especially in energy, power, and mining, despite short-term delays in project awards due to permitting and policy uncertainty.
